Florida bank fails, 40th shuttered in 2011

Fri, 05/06/2011 - 20:08 EDT - Yahoo!

[AP] - Regulators on Friday shut down a small Florida bank, bringing the number of U.S. bank failures this year to 40. The pace of closures has slowed, however, as the economy improves and banks work their way through piles of bad debt.

AP - Regulators shut down a Florida bank on Friday, bringing to five the number of bank failures so far in 2010, following 140 closures last year in the toughest economic environment since the Great Depression.

AP - Regulators on Friday shut down small banks in Florida, Michigan, Wisconsin and California, lifting to 18 the number of bank failures this year. The weak economy and bad debt brought down 157 banks nationwide in 2010.

AP - Regulators on Friday shut down two Georgia banks and one each in Florida and Arizona, bringing to 41 the number of bank failures in the U.S. so far this year following the 140 that fell in 2009 to mounting loan defaults and the recession.